CFA三级知识点必备：Private wealth management 标准版

Management三级培训项目讲师：Management（）1.Summaryclientsclientsnotbeorquantified)specific,objectivesTimeashorterhorizoninfinite)incomebebyasignificantandformalgovernanceformalgovernanceaOtheremotionalseparateorsharedComplexityfinancialand,2.NeededinAdvisingClientsInformationFinancialInformationClientConsiderationsClientGoalsClientRiskSoftSkills2.1inClientxConsiderations--BasicxStrategiesxavoidance.countriesallowtotothatpermittax-freeearningsandAnotherwealth.xreduction.tax-efficientassetclassesx.Bydeferringaclientsbenefitthatdiminishedbyperiodicinaprogressivealsoseektobecausetheylimit2.2GoalsFinancialgoals,defined,or:bebyaswishes,oraspirations.Plannedgoalsthosethatcanbereasonablyorquantifiedanhorizon..aagoal.goalsonpurchases,tobeafunctionoftheofand/orof.oftentofundeducation.eventsweddings).aamountofthattogoaltobeothergoals..oftentocharitabledonationsduringorafter2.2GoalsUnplannedGoals:Unplannedgoalsthosetofinancialneeds.(difficulttothetimingandtheneeded).Althoughhouseholdsbeinsuredlossesorclientsadditionalspendingneedsifinsurancedoesnotfullycoversuchevents.Medicalexpenses.clienthouseholdsnormallymedicalinsuranceillnessorhospitalization,buthealthinsurancenotcoverallmedicalexpenses.Aissueinsomelocationsisthepotentialcostofelderoneselforfamilymembers.Otherspending.Whenestablishingclientgoals,considerquantification,prioritization,.2.3asetrisk-relatedRisktothelevelofriskindividualiswillingandabletobear.RisktoleranceistheofriskRiskcapacityistheabilitytofinancialrisk.Thedifferenceriskcapacityandrisktoleranceisthatriskcapacityisobjectivein,whilerisktolerancetoanattitude.Riskperceptionisindividual’ssubjectivetheriskinvolvedinoutcome.Howaclientperceivestheriskinessofdecisionortheclimate—dependsontheinvolved.2.4Skillsskillsadviceclients.SkillsskillstypicallyabilityeffectivelywithManagement（）Afterdevelopingoftheirclients,begintheprocessofhelpingclientsmeettheirobjectives.CapitalSufficiencyAnalysisRetirementPlanningpolicy3.1SufficiencyMethodsCapitalSufficiencyDeterministicMethodPortfolioinadeterministicmodeloccursina“straight-line”Inputs:aportfolioassumption,thecurrentoftheportfolio,anticipatedfuturecontributionstotheportfolio,andcashflowsfromtheportfoliothatclientneeds(accordingtotheclient’sgoals).Whilesimpletothedeterministicmethodistypicallyunrealisticwithrespecttothevariabilityinpotentialfutureoutcomes.3.1SufficiencyMethodsCapitalSufficiencyCarlosimulationMonteCarlosimulationallowsamanagertomodeltheuncertaintyofand,theuncertaintyorvariabilityinthefutureoutcome.MonteCarlosimulationoutcomesaccordingtoassumedprobabilitydistributionsthesevariables.Inputs:SomeMonteCarlosimulationassetclassassumptions—suchsimplereturn,deviation,andcorrelationwithotherportfolioassetclasses—thanassumptionstheportfoliolevel.3.1SufficiencyInterpretingCarloSimulationResultsCarlo10$3,519,828$1,981,861$1,239,837$765,82115$3,651,264$1,698,449$843,82020$3,647,328$1,530,372$569,9745th25th50th75th95th$305,126($264,048)88%($249,205)($1,402,608)69%$197,17998%Thealsoshowstheoftrialsagivenhorizoninwhichtheclientsuccessfullyachievedherobjective.toguideclientsa75%90%probabilityofsuccess,althoughnoindustry.3.2AmortalitytableindicatesindividuallifespecifiedInpractice,amanagercanuseamortalitytothearetirementspendingneedsbyassigningassociatedprobabilitiesbasedlifetoannualcashoutflows.Onepotentialtousingmortalityisthatindividualclient’sprobabilityoflivingtoathatofthepopulation.ClientExpectancy012345727374757677100%97%93%90%86%82%3.2Annuitiesprovideaseriesofpayments,eitherlifeoraspecifiedperiod,inalumpsumpayment.Arelativelysimpleofcalculatingtheofaclient’sspendingisbypricingbasicformstheimmediateannuityandtheannuity.Withimmediateannuit,individual(calledthe“annuitant”)initiallumpsum,typicallytoinsuranceinreturnaofspecifiedfuturemonthlypayments—beginningimmediately—overaspecifiedperiodoftime.Withaannuitthespecifiedfuturemonthlypaymentsbeginaannuitiesthoseinwhichtheincomecontinueslongtheannuitantlives.annuitieshelptolongevityrisk.3.2inHeightenedloss.Somestudiessuggestthatmuchmoreloss-thanyounger..Duetolossanduncertaintyaboutfuturefinancialneeds,spendlessthaneconomistswouldpredict,resultinginaactualandpotentialconsumption.TheannuitypuzzleWhileannuitiescanhelptolongevityriskand,insomecases,improvetheprobabilityofmeetingtheirspendingobjectives,individualstotoinannuities.Explanationsthepuzzleincludereluctancetogiveuphopeofimprovement,theiroflosingcontrolovertheassets,and,incases,thehighcostofannuities.4Thepolicyisawrittenplanningthatdescribesaclient’sobjectivesandrisktoleranceoveratimehorizon,alongwiththeconstraintsthatapplytotheclient’sportfolio.TheIPSisalsoanmanual,listingongoingmanagementresponsibilities.OneisthattheIPSdisciplineandthecommitmenttofollowtheAsecondisthattheIPSlong-termgoalsthanshort-termperformance.45.2reportingperiodicallyclientswiththeir.•allocation••••planofthe.•plan•inrisktime•allocationallocation.••Inherentconflict•→agoal;•Benchmarkreports.isisactivelyina5.3SuccessGoalAchievement.Asuccessfulaclientisonethatachievestheclient’sgoals/objectiveswithanacceptablerisk.Theclientshouldtomeethisherlong-termobjectiveswithoutmeaningfuladjustmentstotheplan.absoluteorbenchmarkactualdownsideriskDefinitionsAssetLevelserviceSegments$250,000Robo-advisorssmallportfolio;ETF;mutualfund;advisorsMassAffluent$250,000to$1professionalmanagerbuildportfolio;financialplanningneeds;non-$1to$50planning;issues;$50asituations,planning,ofplanning,andadviceonacquiringhigh-endassets;office.Environmentsincometax:xincometax:FVIF=[1+R(1-T)]NIT1tax=FVIFCGF=[(1+R)N(1-T)]+CGCGhorizontax:drag=dragdragtax≠basis)：FVIFCGF=[(1+R)N(1-T)]+TBCGCGtax:FVIF=(1-T)]NWTWhorizonunchangeddrag,butof=R(1–PT–PT–PT)IIDDCGCGdrag,butoftax:unchangedafter-taxR=NTdrag>PVhorizondragdragtaxT=1–R/RAccrual(e.g.,[()–RxT]N=[(1-T)]N=PV[1+R(1-T)]Neachsotheperiodictheistheafter-taxR(1-T)taxtheeachearnincausedtheistotax1,x>2,horizondrag$&%3,drag$&%UsingTastheontheafter-taxthebasisoftenthethebasiscouldbetheoriginalpurchasepriceandtheof$1,000theoriginalplusequal,thebasisthetheamountofdue,andtheThusmodifyourtoaccountthebasis(B):CGfuture(FVIF)is:CGTFVIFN–[(1+R)N-1]xT=(1+R)N–Tx(1+R)N+CGTCGCGTCG=[(1+R)N(1−T)+T]CGCGSummarizingthesamerelationshipsaccrualthatquiteappliedonabasis:1.drag%=2.the⇒taxis3.the⇒taxisaddition,4.Ashorizon⇒theofthe5.As⇒theoftheFVIF=[(1+R)N(1−T)]+CGTBCG=[(1+R)N(1−T)]+T–(1-B)TCGCGCGInsomecountries,wealth-basedassessedannually(similartoaccrualincomeontheofassetsheld.accrualandwhichpaidontheinvestmentreturn,wealth-basedappliedtoboththeprincipalandreturn.TheymostappliedtointheU.K.thewealth-basedisusuallylowerinthanaccrualandContinuingthenotationfromthatTWisthewealth-basedthefuturefactorthewealth-based(FVIF)is:WTFVIF=[(1+R)(1−T)]NWTWwealth-basedtheprimaryrelationshipscanbesummarized1.%>2.Asinvestmenthorizonincreases⇒%and$increase.3.Asreturnincreases⇒tax$increases;tax%decreases.AccrualAccrualequivalentreturn:theannualreturnthatproducesthesameterminaltheportfolio.ucanthinkitEffectivereturnNUsetheFVIFintheprevious=$181,855T=$100,000N=8R=7.76%AEAccrualUsingtheaccrualequivalentreturn,cancalculateaccrualequivalentTheaccrualequivalentT)isthethattheAEreturn(R)equaltotheaccrualequivalentreturnThinkofittheAEoveralleffectiveontheaccount,consideringbothaccrualandRAER=R(1-T)⇒T=1–AEAEAERsAccountsthe•partoftheriskFVIFTDA=(1+R)N(1-T)NsolelyasincomeattheofTI•andtheofσ,the’sriskσ(1–T)FVIF=(1+R)N(1-T)ITEA0heldinatax-exemptthealltheandtheofnotbyAndsodoTEAtothefutureaccumulationbecauseimmediateintaxwhileistotheincometax.Sotheonlyaccumulationsthexanassetsintaxlightlyassetsinaccounts.Thebythemanagementofthealpha.accountsthe(T)and0future(T).Ns1.Usinglossestoorincomeasavings,buttheunchanged.2.Thegovernmentplaceontheamountoflossesthatcanbeorthetypeofcanoffset.tradeandtheduetoshort-termonanannualbasistradethansothatofatxLotAccounting1.Anliquidatestheportionofapositionthebasistocurrentbuttheunchanged.2.futuretobeoptimaltouse(LIFO)accountingtopostponelossharvestingandtoliquidatelowbasisbuyandholdsothatlong-termandatuntil3.securitypricesthepotentialholdallaccountstoallalpha.Management1.countriesshort-termcapitalatahigherthanlong-termcapitalSothisopportunitiesholdingperiodmanagement.4.EstatePlanningallofthepropertyaownsorcontrols.thebythetheabsenceofdispositionunderthetheofpreparingthedispositionofupondeathandduringapplicablethroughtheprobateprocess.Will:therightspropertyafterdeath.thetoconfirmtheofwithautomaticallytothesurvivingjointoutsidetheprobateprocess.theAwithoutaorathatdosenotdisposepropertytoTheconceptofatrustuniquetothecommoncountriesnottrustsatUnderrules,individualstoabyordonatingassetstoduringtotheofthefinalupondeath.Communityandandaftermarriagebeasseparateupondeathofaspouse,thepropertyandtheotherhalfbytheenableseachtodisposeofpropertyaswish,subjecttoaotherrights.capital:agivencommitments.capitalcanlifestyle.capitalgiftsgiftsinaflexibilitycanhelpminimizeinjurisdictionswithsmallerinEstimatecapital•MortalitytablesP=P(Husband+P-P(Husband×PLimited(FLP))inMinority)spjN(spendingneed)=jDeemedtriggerliabilities1rjj1•CarloEstimatetheofaportfoliotosufficienttothandiscountingfuturegiftsFVgiftrt)]ngigRVTaxFreeGiftnbequestrt)]T)eieegiftsgiftrtnT)giggpaidbythereceipient:RVTaxableGiftbequestrtT)neieeFVgiftbequestrt)]TTT)ngigggepaidbythedonor:RVTaxableGiftrt)]T)neieeCharitablegratuitous1rT1r1t1TnnFVChgoieieeCh1r1t1TeFVBequestneietaxincomeasasourceconflict:theworldwideincometobybothcountries.Source-sourceconflict:incomeacompanysituatedcountryAbutmanagedcountrycountriesthatthecompanyincomejurisdiction.imposebasedonthatconformtoboththespiritandtheofthecodesofconflict:anindividualcountryAbesubjecttojurisdictionsjurisdiction,someassetsbecountryBsourcejurisdiction.bymeans.withconflictsT=max[T,T]residencesourcecreditmethodT=TexemptionmethodsourceT=T+T1T)deductionmethodresidencesourceresidence=T+TresidenceTsourceresidencesource2011AM&trust,thecanthetrustandtheowneroftheassetspurposes.trust,the&Thetheowneroftheassetspurposes.Antrustthetrustassetsthe,theofdistributionstothebytheandincorporatedintothetrustdocuments.trust,thehowtheassetsusedtoassetstoabeneficiarywhotooorotherwiseunabletomanagetheassets.paidoninsurancenotusuallypartofthepurposes,buttothejurisdictions,insurancepasstowithoutconsequences,and,dependingonjurisdiction,thetax-freeaccumulationofloanstotheonbeneficialterms.atrustonbehalfoftheandmakingthattrustthebeneficiaryofatheholderassetstoyoung,disabled,outsidetheprobateprocess.ConcentratedSingle-AssetIssuesCommontheriskcausedbytheconcentration.liquiditytoorspendingneeds.taxefficiencytoafter-taxendingSpecificandconstraints:.StockownershipapubliccompanybebyacompanyaspartofacompensationcompanyorregulatorythattheholdtheaofA.Majorityownershipbringscontrolthebusiness.wealth.Anassumehighspecificriskofbuildingtheofthebusinessandhiswealth.assetother.ownedpersonallycouldalsobeaassetusedanotherbusinessofthexliabilityofacapitalbyofa.Aconcentratedpositionoftenaccumulateandmanyaorlowbasis.Illiquiditycanbeafactornodue.ApubliccompanytradinginsufficientvolumeapricediscounttoTheoffindingaabusinessorcanbesubstantial.Theintendedusebytheprospectivetheprice.techniques:Selltheasset:thiswilltriggeraliabilityandlossofcontrol.Monetizetheasset:borrowitsandusetheloanproceedstoaccomplishclientobjectives.process:1:hedgeapartoftheriskintheposition.Thisiscomplicatedbyregulations.2:borrowusingthehedgedpositioncollateral.Themoreeffectivethehedge,thehighertheloantotheloan.theasset:doneusingderivativestolimitdownsiderisk.Hedgetechniquesutilizeover-thecounterorderivative.potentialmonetizationtools,considerwith100,000ofPBL,whichistrading$50pertoolscanbeconsideredhedgingtheasset.ShortsaletheTheborrows100,000ofPBLandsellsthemshort.Theislongandshortthestock,a‘risklessposition’thatistoearntherisk-freeofreturn.Thecanusetheshortsaleproceedstomeetportfolioobjectives.EquitysaleTheacontracttosellthe100,000ofPBL.ThehasaknownsalepriceanddoesnotinupsideordownsidepricemovementofPBLfromthatcontractprice.withoptions.Apairofoptionsisusedtohedgethestockposition,sellingcallsandbuyingputswiththesameprice.Ahedgeendingof$50isestablished.returnequityTheatothereturnonthe$5,000,000ofPBLandreceivesLIBOR.xinathattreatments.Ahedgingneedstoconsiderandthetoolorthatafter-taxtheenhancementwithcalls:theownerofsharescouldcalloptions.Theincomecanbeasenhancingtheincomeoftheorthepriceequitycombineplanningwithactivetaxmanagement.Cashaconcentratedpositiontoabroadonabasisandoutperformtheonanafter-taxbasis.dividendsatahigherthancapitalthecouldbeadividendbuthigherpriceappreciation.Acompletenesstheotherportfolioassetsbenefittocomplement(complete)theconcentratedposition.theconcentratedpositionanautotheoftheassetstolowautosuchthatthetheofthechosenbenchmark.businessmanagingabusinessposition:StrategicbuyersabuyandholdandthepricetothetocombinethebusinessanbusinessoftheAfinancialbuyerorafinancialsponsoroftenaequityfundplanningtothebusiness,addandthebusiness(typicallya3to5period).usedbutmature(middlecompanies.Saleto(other)managementor,theownerhispositiontoofthedrawbacks:Theonlypurchasesatadiscountedprice.Thelackfinancialandtheownertofinanceasignificantportionofthepurchasealoanorapromissorynote.Thepromissorynoteoftencontingentonfutureperformanceofthebusinessnoassurancecurrentormanagerscapableofrunningthebusinessandmakingthepayment